Thousands of people almost guaranteed to get a PPI refund
Fri, 18 Sep 2009
Thousands of people who were sold payment protection insurance (PPI), alongside a loan or credit card, are almost guaranteed to get their premiums back if they pursue a complaint.

Figures published by the Financial Ombudsman Service show that the arbitrator rules in the customer's favour in almost nine out of 10 complaints it receives about this contentious insurance product. Almost every complaint received by some firms has been upheld in favour of the consumer, which suggests that banks and credit card companies are failing to deal with customer complaints effectively.

PPI was routinely sold by banks, loan companies and credit card companies and was designed to cover repayments should the borrower lose their job or become too sick to work.

However most providers failed to explain that interest was often charged on the insurance premiums and that the policies were often littered with exclusions, such as those who were self-employed, or worked on a contract or on a part-time basis, would never be able to claim.
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